FxWirePro: USD/DKK hits 1-week low, dip till 6.2404 likely
The Danish Krone rallied to an over 1-week peak as the greenback eased following U.S. Federal Reserve Chairman Jerome Powell's speech. Speaking at the Kansas City Fed's virtual economic symposium, Powell said the U.S. Fe…
The Danish Krone rallied to an over 1-week peak as the greenback eased following U.S. Federal Reserve Chairman Jerome Powell's speech.
Speaking at the Kansas City Fed's virtual economic symposium, Powell said the U.S. Federal Reserve would adopt an average inflation target.
Investors appear to have ignored Denmark's downbeat economic data, whcih showed manufacturing confidence indicator declined to -10 in August from -7 in the previous month.
USD/DKK is trading 0.8 percent down at 6.2900, having hit high of 6.3272 the day before, its highest since August 21.
On Thursday, the pair broke above minor resistance 21-EMA but failed to sustain gains to close at 6.2965.
Immediate resistance is located at 6.3216 (21-EMA), close above could take it till 6.3344.
On the downside, support is seen at 6.2404 and any break below will take it till 6.2228.
